Have you ever considered trying to lower your monthly mortgage payments?
This week we continue our video mini-series to help answer common questions on mortgages: purchases, and refinances.
Refinance options can help lower monthly payments on your mortgage, or even aid in securing a better rate. This video is about The Mortgage in the Drawer Dilemma, watch it below and learn why you need to consider a refinance:
*Below is a transcription of the video.
As we talk with people, we often find those who have a mortgage, maybe six to ten years old, and they haven't done anything with it since, ever. They have literally put the paperwork in a drawer, in a file, and have never touched it again.
If you never look at it, you're going to be paying the amortization schedule on the original principal of your loan. So, it depends on what your rate is - if you bought back when rates were 6-8% percent and maybe you borrowed $200,000 – you’re paying your mortgage off of that amortization schedule.
At Trust in Equity, we take a look at your mortgage and review it. Maybe the rates have now reached a point now where it makes sense for you to refinance, but more importantly you're resetting your amortization schedule. Depending on your exit strategy, whether you want to get into a 15 year for retirement purposes or maybe just get your monthly cash flow down, we can get you into another 30 year.
The mortgage in the drawer scenario is less of a dilemma and more of an opportunity. It's a starting point. Where you pull the mortgage papers out of that drawer and see what options you have. You really could be saving in the long run.
Are you ready to pull that mortgage out of the drawer and explore an opportunity?